USD/JPY is Bullish with the 2014-Highs Back in Sight

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USD/JPY is Bullish with the 2014-Highs Back in Sight

After falling from the high on the year of 110.08, USD/JPY found support at 105.19 a week ago. Since then it has been rallying, and this week’s price action suggests it is ready to head back to the highs on the year. Let’s take a look at the charts.

USD/JPY ‘s rally this week is extending a rally last week, and bringing USD/JPY above some key moving averages in the 4H chart while pulling up the RSI above 70. These signs show return of bullish bias and momentum. However, it is stalling a bit today. If price can hold above the rising channel from last week, USD/JPY is poised to test that 110-110.08 high on the year again.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.